CBIC approves Customs House at Surat Diamond Bourse

SURAT : Surat Diamond Bourse(SDB) stated, all necessary formalities were finalized on Tuesday. The customs house, which occupies an area of 40,000 square feet, is now ready for use.

“The CBIC notified SDB under the Customs Act. Furthermore, SDB was launched as the custodian on the Indian Customs EDI System (ICES) platform,” the SDB statement said.

As Surat International Airport is not authorized for international cargo, SDB requested space allocation for a strongroom from Mumbai International Airport Ltd and sought transshipment approval from Mumbai Customs. On Tuesday, the customs commissioner of Mumbai approved SDB as a customs custodian. Once customs clearance is granted at SDB, gem and jewellery consignments can be sent directly to Mumbai airport, informed SDB officials.

Lalji Patel, vice-president of the SDB committee, stated, “The customs house approval will make it easier for the diamond traders to import and export from SDB. This will give a major boost to the diamond business of the city. It used to take a couple of days to process via Mumbai.”

Additionally, the Gem and Jewellery Export Promotion Council (GJEPC) has established a Special Notified Zone (SNZ) at SDB. This initiative aims to further facilitate the direct procurement of diamonds brought to the SNZ for viewing by mining companies. According to recent budget announcements, the Safe Harbour Rule will allow foreign companies to sell rough diamonds in SNZ at globally competitive prices.

This development is expected to significantly enhance the efficiency and ease of doing business for diamond traders in Surat, positioning the city as a major hub in the global diamond industry.